Corn CBOT went red after WASDE, as US 2023/24 corn production is forecast at 15.2 bbu, up 170 mbu from LM on a 1.9-bu increase in yield to 174.9 bu/ac. Exports are raised 50 mbu to 2.1 bbu. With supply rising more than use, corn ending stocks are up 45 mbu to 2.2 bbu vs 2.1 bbu expected by the market.
On the global arena, world 2023/24 production was upped by 6.3 MMT to 1.22 BMT. Production is higher on increases for Ukraine, Russia, and Paraguay that are partly offset by declines for Mexico, Egypt, and Indonesia. Corn production for Ukraine and Russia is raised based on harvest results to date. For Ukraine, it is up 1.5 MMT to 29.5 MMT, for Russia up 1.4 MMT to 16 MMT. Mexico production is lowered 0.9 MMT to 26.5 MMT reflecting a reported decline in summer corn area.
World 2023/24 trade was raised by 3.3 MMT to 199.6 MMT. Besides the USA, the export forecast was raised for Ukraine by 0.5 MMT to 20 MMT, and for Russia by 1.1 MMT to 5.3 MMT.
Global 2023/24 ending stocks are higher, mostly reflecting increases for the USA, Ukraine, Paraguay, and China that are partly offset by a decline for Iran. Global corn ending stocks are up 2.6 MMT m/m at 315 MMT, vs 312.05 MMT expected by the market.
